STUDENT FINANCIAL SERVICES

How to Payfor

College

Meets 100% of demonstrated need for all admitted students that apply on time

Financial Need is met with a combination of loans, work study and grants.

FAQ’s

I’m getting a better award package from another school – will UVa negotiate?

Because Student Financial Services meets 100% of demonstrated financial need and does not award merit scholarship, we do not negotiate financial aid awards.

FAQ’s

Why does the University consider step-parent income during the evaluation process?

According to federal regulations, the income of the household which supports the student must be reported on the FAFSA – which includes both parents, including step-parents. Pre-nuptial agreements or divorce decrees do not affect this requirement.

Basic Financial Aid Terms

Cost of Attendance- Tuition and Fees- Room and Board- Personal Expenses and Travel- Books and Supplies

less

Expected Family Contributionequals

FINANCIAL NEED

HOW DOES STUDENT FINANCIAL SERVICES DETERMINE YOUR

AWARD

Start by reviewing all submitted on time applications and supporting documents

Determine your demonstrated financial need

Award Self Help First (Loans and Work Study)

Award any Federal, State and Institutional Awards

TYPES OF AIDGRANTS TO STUDENTS– Funds that do NOT have to be repaid

• Federal– Pell and SEOG

• State– Virginia Guaranteed Assistance Program (VGAP)– Commonwealth Grant

• Institutional– Access UVa, Dupont, Darden

WORK STUDY– Paid directly to student biweekly– Minimum wage and up– Information can be found at

www.sfs.virginia.edu/workstudy

TYPES OF AID: STUDENT LOANSDIRECT LOANS

The loan is in the student’s name

All Students Are Eligible• 1ST YEAR $5,500 (up to $3,500 as subsidized)• 2ND YEAR $6,500 (up to $4,500 as subsidized)• 3RD AND 4TH YEAR $7,500 (up to $5,500 as

subsidized)

Repayment begins 6 months after leaving school

The Department of Education is the lender

Origination Fee of 1.073%

Entrance counseling is required before disbursement

Complete a Master Promissory Note (MPN) at www.StudentLoans.gov

TYPES OF AID: STUDENT LOANS

DIRECT LOANSInterest begins to accrue once the loan is disbursed.

Subsidized• Department of Education pays interest while in school• Interest Rate for 14-15: 4.66%• Interest Rates for 15-16 will be set in June• Need Based Loan

Unsubsidized• Students have the option to pay interest while in

school• Interest Rate for 14-15: 4.66%• Interest Rate for 15-16 will be set in June• Non Need Based Loan• Available for ALL Students

Combined Subsidized and Unsubsidized Loans cannot exceed the annual amount.

TYPES OF AID: STUDENT LOANSPRIVATE LOANS

Loan is in the student’s name

Non Need Based

Not guaranteed by the Federal government

Requires a credit check

Most require a credit worthy co-signer

May borrow up to the COA minus other financial aid

Most have a variable interest rate (LIBOR or Prime)

Because of the TILA disclosure, need to allow time for processing

TYPES OF AID: STUDENT LOANS

PARENT PLUS LOANSLoan is in the parent’s name

Completed FAFSA is required

Non Need Based

Guaranteed by the Federal government

Requires a credit check

May borrow up to the COA minus other financial aid

Has a fixed interest rate; Interest Rate for 14-15: 7.21%

Interest Rate for 15-16 will be set in June

Repayment begins immediately; Deferments are available

Origination Fee of 4.292%

Application instructions at www.virginia.edu/financialaid

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FAQ’s

Why didn’t we receive an award letter in the mail?

Financial aid information is only available online in the Student Center of the Student Information System. Awards will be posted real-time in the SIS. Award letters are available in a .pdf format.

View your Financial Aid by Logging in to the Student Information System

View your Financial Aid by Logging in to the Student Information System

Go to the Finances Section of your Student CenterIf you have already applied, click on View Financial Aid

Select the Appropriate Aid Year (New students will only have one choice)

View Your Aid by Year

Or View Your Aid by Term

FAQ’s

Why didn’t I receive merit based scholarships?

Generally, all of the scholarships that Student Financial Services awards are based on demonstrated financial need. Merit based aid is offered through either the student’s school of enrollment, the office of admissions or an outside source.

FAQ’s

I have not been awarded work study but I would like to work on Grounds. Is there a way for me to work for the University?

Open positions, both for work-study and non work-study, are posted on CAVLink at www.career.virginia.edu.

FAQ’s

How can we get in-state status?

In-state status is determined by the Committee on Virginia Status, in the Admissions Office. For more information

go to www.virginia.edu/undergradadmission/status.html.

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FAQ’sHow does my financial aid package change if I am awarded aid from outside the University?

You must notify the University of any aid received from outside sources. Need based aid, by federal regulations and University policy, must be reduced by the amount of the outside scholarship. UVa begins by reducing need based loans and work study in your package if you receive a NON Federal, State or Institutional award.

FAQ’sHow do I report an award from a Non University source?

Around the first of May, you may begin to self report Non University awards in SIS. Keys to remember: Correctly name the scholarship, list the correct annual amount, list the correct term and note whether the funds will be paid to you or to the University.

FAQ’sMy current award is preliminary. Will there be changes when the awards become official?

When we have reviewed all requested documents, we will issue an official award. Corrections based on a review of these documents may result in a change in the financial aid award. Further revisions may occur if additional information is received.

FAQ’sI file my taxes as independent. Why am I considered dependent for financial aid? Can I choose to be independent?

Students who are independent for tax filing purposes are not necessarily independent for financial aid purposes. Students cannot choose to be independent. Students are considered independent for financial aid purposes if they are:

Over 24 Have Dependents Married Orphan/Ward of the CourtA Graduate Student Emancipated MinorActive duty military HomelessA Veteran

FAQ’sDo I have to apply for financial aid every year?

Yes – Whether you attend UVa or another school, you must apply for financial aid each year by filling out a FAFSA and any other application required by the school. UVa requires the CSS Profile or the University Financial Aid Application along with the FAFSA each year. All applications are due by March 1st to be eligible for state and institutional awards.

PAYING YOUR BILL

How am I notified about a bill?

The University of Virginia (U.Va.), in partnership with Nelnet Business Solutions, an e-commerce service provider, makes student term statements available on-line for viewing and payment through an electronic system called QuikPay. No paper bill is sent to students or to their permanent home address.

FAQ’s

How can I make payments?

Submit payments conveniently online through QuikPay, which is accessed by logging into your SIS or Authorized Payer account. Payments are made either by e-check (no associated fees) or credit card (with a merchant fee of 2.75%). We recommend e-check payments to avoid the merchant fee. Payments will be posted to your account by the next business day. (Please note, VISA has elected not to participate in our e-payment program.)

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FAQ’sCan we set up a Payment Plan?

Yes, U.Va. offers monthly payment plans to help distribute the costs of education over a period of time. You may set up a payment plan, for Fall and Spring terms to pay for Tuition & Fees and Room & Board. Each term is broken into 5 monthly payments. To sign up, either log in to QuikPay with your Authorized Payer account or have your student log in to their SIS Student Center and click on "QuikPay" to begin. Click "Make Payment," and then click "Sign up for a Payment Plan."

PAYMENT PLAN

Information at www.sfs.virginia.edu/otheroptions

For University Charges: tuition, fees, room and board

$35 Enrollment Fee per Term

Must separately enroll for both terms

Sign up for Fall starts in early May

Five Payments for Fall Term; starting in June

Five Payments for Spring Term; starting in November

FAQ’s

How can I give my parent(s) permission to access my financial information?

With a completed Authorization to Release Financial Information (ARFI) on file. This form allows Student Financial Services to have free and open conversations on the phone, through email, or in person with those individuals authorized by the student.  Without this form, we cannot speak with anyone but the student about his or her UVA finances.

Authorization to Release Financial Information Form

After July 1, students are protected by federal laws concerning disclosure of all student account and financial aid information.

Students should complete the ARFI form naming the individuals they wish to have access to their account information.

Copies are available today, on our website and at our office.

FAQ’s

Can my parent or sponsor make payments directly on my behalf?

Yes – through setting up Authorized Payers through QuikPay@UVa. We recommend all students take care of this step as soon as possible after they decide to attend the University.

Carruthers Hall, 1001 North Emmet Street (across from the Barracks Road Shopping Center)

BARRACKS RD SHOPPING CENTER

University Transit System, North Line

sfs@virginia.edu

434-982-6000

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www.twitter.com/UVaSFS

www.sfs.virginia.edu

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